Capital Markets and Corporate Governance

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Overview

This book brings together a collection of papers by leading academics, bankers, and consultants, in a masterful survey of leading issues in corporate governance. The papers concentrate upon the financing of corporations, and the role of the banks and stock markets in the United Kingdom, Germany, and Japan. A central theme of the book is a constant awareness of the links between the accountability of senior managers, the system of corporate governance, and the performance of a company. This book examines the role of shareholders, company boards, and managers under a market-based system as in the UK and USA, in comparison with the 'insider' system found in Japan and, to a lesser extent, Germany. The contributors discuss the view that this UK system leads to a preoccupation with short-term corporate performance and a greater likelihood of hostile takeovers. The contribution of the banks to corporate finance and control is examined in several papers, including a discussion of the special problems of small firms. Part II of the book begins with a chapter comparing and contrasting the British experience with other systems, and then authoritatively analyses the Japanese and the German financial and corporate systems. Capital Markets and Corporate Governance provides an essential insight into issues of corporate financing, accountability of managers, and efficiency. The contributors deal with this complex and topical subject in a comprehensive and lucid manner.
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Product Details

  • ISBN-13: 9780198287889
  • Publisher: Oxford University Press, USA
  • Publication date: 7/28/1994
  • Pages: 360
  • Product dimensions: 6.38 (w) x 9.50 (h) x 1.08 (d)

Meet the Author

Queen's College, Oxford

Centre for Business Strategy, London Business School

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Table of Contents

Abbreviations
Introduction 3
1 The Need to Restore Corporate Accountability: An Agenda for Reform Postscript on the Draft Report of the Cadbury Committee 13
2 Corporate Strategy and Corporate Accountability 50
3 Market Assessment of Company Performance 66
4 A Larger Role for Institutional Investors 99
5 Proposals for a Reformed System of Corporate Governance to Achieve Internationally Competitive Long-Term Performance 111
6 The Changing Relationship between the Banks and Business in the UK 128
7 Small Firms and Clearing Banks 141
8 The Role of the Banks 161
9 Stock-Markets, Financial Institutions, and Corporate Performance 179
10 The Role of the Venture Capital Industry in the UK 195
11 The 'Problems' of Finance for Smaller Businesses 209
12 Corporate Governance: The UK Compared with Germany and Japan 237
13 An Overview of the German Financial System 257
14 The Role of the German Capital Markets and the Universal Banks, Supervisory Boards, and Interlocking Directorships 284
15 An Overview of the Japanese Financial System 306
16 The Role of the Japanese Capital Markets: The Effect of Cross-Shareholdings on Corporate Accountability 325
Index 343
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